Patten & Patten Inc. TN Sells 7,540 Shares of General Motors Company $GM

Key Points

• Patten & Patten Inc. reduced its stake in General Motors by 31.3%, selling 7,540 shares and holding 16,570 shares valued at $815,000.
• CEO Mary T. Barra sold over 900,000 shares, representing a 62.16% reduction in her holdings, while the company saw insider sales totaling over $122 million in the past 90 days.
• Analysts have raised their price targets for GM, with Citigroup increasing its target from $61.00 to $75.00, while the consensus target price stands at $65.00, reflecting a positive outlook for the stock.

Patten & Patten Inc. TN cut its position in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 31.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,570 shares of the auto manufacturer's stock after selling 7,540 shares during the quarter. Patten & Patten Inc. TN's holdings in General Motors were worth $815,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GM. Trust Co. of Toledo NA OH acquired a new position in General Motors in the 2nd quarter valued at $25,000. GFG Capital LLC acquired a new position in General Motors in the 2nd quarter valued at $27,000. Costello Asset Management INC acquired a new position in General Motors in the 1st quarter valued at $32,000. RMG Wealth Management LLC acquired a new position in General Motors in the 2nd quarter valued at $32,000. Finally, WPG Advisers LLC acquired a new position in General Motors in the 1st quarter valued at $34,000. 92.67% of the stock is currently owned by institutional investors.

Insider Transactions at General Motors

In other General Motors news, CEO Mary T. Barra sold 907,024 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $58.24, for a total value of $52,825,077.76. Following the completion of the transaction, the chief executive officer owned 552,238 shares of the company's stock, valued at $32,162,341.12. This represents a 62.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Rory Harvey sold 23,977 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $53.01, for a total value of $1,271,020.77. Following the completion of the transaction, the executive vice president directly owned 8,513 shares of the company's stock, valued at approximately $451,274.13. The trade was a 73.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,074,824 shares of company stock worth $122,377,213 in the last 90 days. 0.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Citigroup lifted their price objective on General Motors from $61.00 to $75.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Mizuho lifted their price objective on General Motors from $58.00 to $67.00 and gave the company an "outperform" rating in a report on Tuesday, September 23rd. Jefferies Financial Group lifted their price objective on General Motors from $50.00 to $55.00 and gave the company a "hold" rating in a report on Monday, October 6th. Barclays lifted their price objective on General Motors from $73.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, October 10th. Finally, Evercore ISI boosted their price target on General Motors from $55.00 to $68.00 and gave the stock an "outperform" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

General Motors Price Performance

General Motors stock opened at $57.32 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.05 and a current ratio of 1.22. General Motors Company has a 52 week low of $41.60 and a 52 week high of $62.14. The stock has a market capitalization of $54.57 billion, a P/E ratio of 9.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.33. The stock has a fifty day moving average of $57.95 and a 200-day moving average of $52.00.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last issued its earnings results on Tuesday, July 22nd. The auto manufacturer reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.01. General Motors had a return on equity of 12.98% and a net margin of 2.54%.The business had revenue of $47.12 billion during the quarter, compared to analysts' expectations of $45.87 billion. During the same quarter in the prior year, the firm earned $3.06 EPS. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. General Motors has set its FY 2025 guidance at 8.250-10.000 EPS. On average, sell-side analysts expect that General Motors Company will post 11.44 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Friday, September 5th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, September 5th. General Motors's dividend payout ratio is presently 9.52%.

General Motors Profile

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.

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